McLaren Update on the TimGinn Exploration Project Timmins, Canada
May 23 2012 - 7:00PM
Marketwired Canada
McLaren Resources Inc. ("McLaren") (CNSX:MCL)(FRANKFURT:3ML) is pleased to
provide and update on exploration progress at the TimGinn Property located on
strike and adjacent to the Goldcorp owned Hollinger/McIntyre mine complex that
has produced over 30m oz of gold to date.
Following the success of the initial exploration drill program which was
announced on February 13, 2012, McLaren has filed on Sedar an initial NI 43-101
geological report on the TimGinn property authored by Kenneth Guy, P.Geo
designated Qualified Person.
The TimGinn property contains a 2,000 metre mineralized strike length running
from North East to South West. Mining has occurred on three sides of the
property at neighbouring mines including the Hollinger Mine and the McIntyre
Mine that are situated in central Timmins.
Previous exploration work on the TimGinn property identified several areas of
interest for future exploration. The Company's management team has designed an
exploration drill program to follow up on the success of the recent drill
program. The focus of the exploration drilling will be to further expand the
gold mineralized zones along strike and to depth in the area of historic
production that took place during the period of 1929 to 1937 where underground
production occurred to a depth of 500 feet.
Exploration drilling is planned to commence during early summer 2012 to follow
up on the positive results of McLaren's initial drill program which was reported
on February 13, 2012 and included 7.4 gpt over 7.0 m, 24.2 gpt over 1.1 m and
6.0 gpt over 3.0 m between surface and a depth of 500 feet. The property has
seen limited exploration at shallow depths and is virtually unexplored below 900
feet. Adjacent neighbouring properties have produced significant quantities of
gold to depths exceeding 6,000 feet.
About the TimGinn Property
The TimGinn property consists of 9 mining claims covering 238 hectares (588
acres) in Tisdale Township in Central Timmins located adjacent to the Goldcorp
owned Hollinger Mine (19.3 million oz) and McIntyre Mine (10.7 million oz).
There was brief gold production on the TimGinn property by Consolidated Gilles
Lake Gold Mines where a two compartment shaft was sunk on the property to a
depth of 940 feet and mined to a depth of 500 feet.
Key Terms of Property Option Agreement
McLaren can earn a 60 percent interest in the property by incurring $4 million
dollars of exploration expenditures by April 30, 2016, McLaren can earn an
initial 50 percent interest by incurring $2 million in exploration expenditure
by April 30, 2015. See additional details of the terms in the news release dated
November 8, 2011.
McLaren Resources Inc. is a Canadian based junior exploration company engaged in
acquiring, exploring and developing resource properties in Canada.
For more information visit our web site at www.mclarenresources.com or contact
Ivan Buzbuzian, President and CEO of McLaren Resources, at 416-203-6784 x 4850.
Certain statements contained in this press release constitute "forward looking
statements". These statements are based on current expectations of management,
however are subject to known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from the forward-looking
statements in this news release. Readers are cautioned not to place undue
reliance on these statements. The Company does not undertake any obligation to
revise or update any forward-looking statements as a result of new information,
future events or otherwise after the date hereof, except as required by
securities laws.
Shares: 25,094,281
McLaren Resources (CSE:MCL)
Historical Stock Chart
From Nov 2024 to Dec 2024
McLaren Resources (CSE:MCL)
Historical Stock Chart
From Dec 2023 to Dec 2024